CCCC to spin off dredging business

CCCC to spin off dredging business

Shanghai: China Communications Construction Company (CCCC), China’s largest port construction company and dredging company, has announced that it plans to integrate its dredging assets to establish a new company CCCC Dredging Company.

CCCC will invest RMB100m ($16.12m) to set up the new company, which will later acquire full equity in CCCC Tianjin Dredging Company, CCCC Shanghai Dredging Company, and CCCC Guangzhou Dredging Company through the issuing of new shares.

CCCC will start to promote the listing of CCCC Dredging Co after all these transactions are completed.

CCCC currently runs China’s largest dredging vessel fleet with more than 230 vessels.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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